National Unemployment and State Unemployment is only one facet of our employment picture. Each industry faces a slightly different situation and the unemployment characteristics reflect this.
Manufacturing: 5.3% unemployment. Looking at the data a little closer, unemployment in Petroleum and Coal Products is 0.2%. Given the price of oil, it’s not surprise that anyone in that industry can find a job as oil companies try to expand production. Furniture and Fixtures is a different story with 8.5% unemployment.
Unemployment is the health care field is also low, with 1.4% unemployment in hospital professionals.
Beverage and Tobacco production has a 9.7% unemployment rate, and Food Services professions are at 8.6%.
Finally, the financial industry has an unemployment level of 3.7%. That sounds great, and it is for many, but a loan officer or mortgage broker will probably find it tough to get a job right now.
Each industry has a different situation, and the situation varies by geography. Smaller communities are more dependent on a small group of employers. If one of these runs into trouble, it can hurt the entire community.
* Statistics from U.S. Department of Labor, Bureau of Labor Statistics